Markets

Aston Martin IPO orders below 19 pounds/share risk missing out - bookrunners

Aston Martin IPO orders below 19 pounds/share risk missing out - bookrunners

Shares in luxury automaker Aston Martin fell as much as 6.5 percent on their market debut in London on Wednesday as investors and analysts raised concerns over its ability to deliver an ambitious roll-out of new models.

The British luxury sports vehicle maker only made its debut on the London Stock Exchange this morning, but nearly immediately shares fell as much as 6.5 percent as both investors and analysts cast doubt over the company's ambitious plan to introduce a raft of new models - a new model every year from 2016 to 2022.

According to The Guardian, James Bond's carmaker of choice had initially indicated that shares would be priced between £17.50 and £22.50.

It comes after Aston Martin cut the top end of its initial public offering price range earlier this week, meaning the company looks set to be kept out of the FTSE 100.

In going public, the British company is asking investors to overcome fears about USA threats to tax foreign autos and the potential for Britain's planned exit from the European Union to disrupt supply chains and markets.

"We are delighted by the positive response we have received from investors across the world", Aston Martin CEO Andy Palmer said in a statement.




The IPO will hand around £1.1bn to existing shareholders like Italian Investindustrial and Kuwaiti funds Adeem Investments and Primewagon when it starts trading shares later on today.

The British supercar maker is now owned by Italian and Kuwaiti shareholders, alongside other minority investors.

Aston Martin is an exception in the Uk because not only it is poised to become the single automotive group listed on the stock Exchange but it is also one of the very few manufacturers which purely british. Daimler, which owns Mercedes-Benz, was said to be keeping a 4.9 percent stake in Aston Martin following the IPO.

The firm, which has gone bust seven times in its 105-year history, opened with a valuation of £4.3bn, below its initial hopes for a price tag of over £5bn. Palmer called the IPO a "key milestone" in Aston's history.

Aston claims that it is on track to produce between 6200 and 6400 cars in 2018, with up to 65 percent of those being produced in the latter half of the year.


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